Thank you, Chair.
I want to thank all of the witnesses for being with us today.
I do have a few areas I'd like to pursue. The first one is about the risk to global financial instability from the use of tax havens.
As we know from the financial crisis of 2008, a lot of the toxic assets of U.S banks contributed a lot to the subprime mortgage crisis. We also know that a lot of public U.S. debt is held in some of these tax havens.
Could you comment, in light of those two and other similar issues, on the risk to global financial instability, and what that would pose to an economy such as Canada's, which has really excelled and has done very well vis-à-vis G-8 countries?
I'll put it to Mr. Rosenbloom first, and then perhaps Mr. Cardamone could follow up.